At the core of everything we do on Ethereum, whether it’s sending ETH to a friend, taking out a loan on Maker or buying digital art on OpenSea is the concept of an account. An account on Ethereum holds everything we own, allows us to interact with the network and gives us an identity. This account is identified with a 42 character string of numbers and letters, prefixed with 0x.
Since 2017, Ethereum has seen an explosion in unique accounts created on the network. At this point in time there are more than 90,000,000 unique accounts and that number is growing at a pace of around 70,000 per day (Source: Etherscan, April 3, 2020). At the same time, these accounts are securing more than $40,000,000,000 USD in value between ETH and ERC20 tokens (Source: CoinMarketCap and Etherscan, April 3, 2020). With the rapid pace of adoption and wealth, we should make sure that we are using accounts to the best of their ability.
There are actually two different types of accounts on Ethereum: externally owned accounts and contract accounts, and it’s becoming clearer the latter is key to mass adoption. Join us below for a comparison of externally owned accounts and contract accounts, followed by a walkthrough of the main features and advantages of building with the Gnosis Safe smart contracts.